Fox Corp. reported a loss in its fiscal second quarter because of a change in the value of its investment in Flutter, the parent company of Fox Bet.
The company loss was $85 million, or 15 cents per share, compared to net income of $224 million, or 37 cents a share, a year ago.
Adjusted EBITDA increased 2% to $310 million from $305 million.
Revenue rose 9% to $4.44 billion.
Affiliate revenue was up 11%, with 12% growth at the company’s cable network programming unit and 10% at its television segment.
Advertising revenue was up 6%. The company said pricing was strong at the Fox Network thanks to its sports portfolio, and that growth continued at Tubi.
Tubi had its best quarter ever with 3.6 billion hours streamed, up 40% from a year ago and revenue up a similar amount.
Fox’s cable networks programming reported EBITDA of $555 million, up 17% from a year ago.
Fox’s Television segment had an EBITDA loss of $273 million, compared to a loss of $185 million a year. The company said expenses are up because of higher sports and entertainment rights amortization at the Fox Networks and increased digital investment at Tubi.
Also: Fox Acquires Iconic Animated Character Gumby and Friends
“Against the high bar we set in our fiscal second quarter last year, we have once again delivered revenue and adjusted EBITDA growth in the second quarter of our 2022 fiscal year, while continuing to invest in our digital growth initiatives,” said CEO Lachlan Murdoch.
“These strong results and broad-based operating momentum are underpinned by the most valuable news franchise in the country, the leading live sports franchise, our top broadcast network reinforced by a strategic stations portfolio, as well as the emerging leader in AVOD. This focused portfolio is delivering consistent growth for our shareholders in a thoughtful and disciplined manner,” Murdoch said. ■
